The present invention relates to a system and method for bill payment. More specifically, the present invention relates to a system and method for bill payment with variable payment options.
It is increasingly common for funds to be transferred electronically. This can occur from individual to individual, from business to business, or between an individual and a business. The transfers may occur within one country or across borders, and thus may involve a currency change.
In some money transfer systems initiated by individuals, such transfers may be handled as one-time transactions funded with cash. In some cases this is because the individual sending the funds lacks an account at a bank or a credit card. Thus, the funds for each transfer are provided in cash (or equivalent), paid separately before each transaction. Non-bank financial institutions perform such transfers for persons who are “unbanked”.
In the context of transfers from an individual to a business or business to business, funds may be electronically transferred in response to a bill issued and outstanding, such that the payer uses a money transfer to effect bill payment on a bill due to the business. Non-bank financial institutions with money transfer systems may perform bill payment for persons who are “unbanked”.